Buckle Up! Fed Chair Kevin Warsh's 10-Word Statement on Inflation Implies That Wall Street Will Be Forced to Take Its Medicine.
A three-year high for inflation may force the Federal Open Market Committee (FOMC) into action.
Buckle Up! Fed Chair Kevin Warsh's 10-Word Statement on Inflation Implies That Wall Street Will Be Forced to Take Its Medicine.
Overview
It's been a memorable six weeks for Wall Street and investors. The Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) flew to new highs; the largest initial public offering in Wall Street's history occurred; and we witnessed an ultra-rare change at the Federal Reserve.
On May 15, Jerome Powell served his final day as Fed chair. One week later, on May 22, President Trump's handpicked successor to Powell, Kevin Warsh, was officially sworn in.
Details
Warsh was previously on the Board of Governors and was a voting member of the Federal Open Market Committee (FOMC) -- the 12-person body that sets the nation's monetary policy -- from Feb. 24, 2006, to March 31, 2011. This means he played a role in steering the U.S. economy through the financial crisis.
Source
Originally published at www.fool.com.
